Coast National Bank - Seaside Heights, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12354
Charter Number: 12354
Start Date: April 1, 1932*
Location: Seaside Heights, New Jersey (39.944, -74.073)

Metadata

Model: gpt-5-mini
Short Digest: 64f0ca7e

Response Measures

None

Receivership Details

Depositor recovery rate: 6.5%
Date receivership started: 1932-02-03
Date receivership terminated: 1937-11-17
Share of assets assessed as good: 11.7%
Share of assets assessed as doubtful: 58.7%
Share of assets assessed as worthless: 29.7%

Description

Article (Asbury Park Press, 1932-04-08) reports the 'closed Coast National, Seaside Heights' and legal action against the president; indicates the shore bank had closed and other trust company sought control of its affairs. OCR errors in the clipping (missing words); interpreted as the bank having suspended/closed and having receiver/other control sought. No explicit run described in the text.

Events (4)

1. April 11, 1923 Chartered

Source: historical_nic

2. February 3, 1932 Receivership

Source: historical_nic

3. April 1, 1932* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank had closed and legal claims/judgments against its president; suggests bank-specific insolvency/financial trouble leading to closure.
Newspaper Excerpt: When the shore bank closed the West Orange Trust asked the over its affairs the following day.
Source: newspapers

4. April 8, 1932 Receivership

Newspaper Excerpt: When the shore bank closed the West Orange Trust asked the over its affairs the following day. ... judgments for more than $20,000 given the North Park and Dodd Trust company ... asked the over its affairs the following day.
Source: newspapers

Newspaper Articles (1)

1. April 8, 1932 Asbury Park Press Asbury Park, NJ

Article from Asbury Park Press, April 8, 1932

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Article Text

SIMS MUST PAY NOTE President of Closed Shore Bank Named With Judge Van Riper In Judgment. NEWARK. April Robert W. Sims, president closed Coast National Seaside Heights, Judge Walter president the funct West Trust company, judgments for more than $20,000 given the North Park and Dodd Trust company Sims and treasurer the West Orange He resigned August president of the Seaside Heights bank. When the shore bank closed the West Orange Trust asked the over its affairs the following day.